Palisade Bio, Inc 10-K for FY2025

About this 10-K

Headline figures

Palisade Bio, Inc. (PALI)

10-K 2026-03-20 For: 2025-12-31

Added on April 09, 2026

Palisade Bio, Inc filed this 10-K on March 20, 2026, covering the fiscal year ended December 31, 2025 (FY2025).

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Fiscal year ended December 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $16.78M; compared with a net loss of $14.44M a year earlier
Diluted EPS: -$0.30; compared with -$10.19 a year earlier

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Delaware	52-2007292
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

4600 South Syracuse Street, Suite 900 Denver, Colorado1	80237
(Address of principal executive offices)	(Zip Code)


		Page
PART I
	Cautionary Note Regarding Forward-Looking Statements and Risk Factor Summary	1
Item 1.	Business	4
Item 1A.	Risk Factors	33
Item 1B.	Unresolved Staff Comments	57
Item 1C.	Cybersecurity	57
Item 2.	Properties	58
Item 3.	Legal Proceedings	58
Item 4.	Mine Safety Disclosures	58

PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	59
Item 6.	[Reserved]	59
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	60
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 8.	Financial Statements and Supplementary Data	69
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	103
Item 9A.	Controls and Procedures	103
Item 9B.	Other Information	104
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	104

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	105
Item 11.	Executive Compensation	105
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	105
Item 13.	Certain Relationships and Related Transactions, and Director Independence	105
Item 14.	Principal Accounting Fees and Services	105

PART IV
Item 15.	Exhibits, Financial Statement Schedules	106
Item 16.	Form 10-K Summary	112


	Year Ended December 31,						Change
	2025			2024			$			%
Operating expenses:
Research and development	$	10,192		$	9,063		$	1,129			12	%
General and administrative		7,864			5,796			2,068			36	%
Total operating expenses		18,056			14,859			3,197			22	%
Loss from operations		(18,056	)		(14,859	)		(3,197	)		22	%
Other (expense) income:
Interest expense		(10	)		(12	)		2			(17	)%
Other income, net		1,285			433			852			197	%
Total other income, net		1,275			421			854			203	%
Net loss	$	(16,781	)	$	(14,438	)	$	(2,343	)		16	%


	Year Ended December 31,
	2025			2024
Net cash used in operating activities	$	(10,847	)	$	(12,193	)
Net cash provided by financing activities		134,440			9,582


☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO


Report of Independent Registered Public Accounting Firm (Baker Tilly US, LLP; New York, New York; PCAOB ID #23)	70
Consolidated Balance Sheets as of December 31, 2025 and 2024	71
Consolidated Statements of Operations for the years ended December 31, 2025 and 2024	72
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2025 and 2024	73
Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024	75
Notes to Consolidated Financial Statements	77


	December 31,
	2025			2024


ASSETS
Current assets:
Cash and cash equivalents	$	133,385		$	9,821
Prepaid expenses and other current assets		836			673
Total current assets		134,221			10,494
Restricted cash		55			26
Property and equipment, net		—			3
Operating lease right-of-use asset		—			84
Other noncurrent assets		68			273
Total assets	$	134,344		$	10,880

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	767		$	1,105
Accrued liabilities		2,187			1,240
Accrued compensation and benefits		1,298			722
Current portion of operating lease liability		—			90
Share liability		313			—
Insurance financing debt		71			79
Total current liabilities		4,636			3,236
Warrant liability		—			2
Derivative liability		62			—
Contingent consideration obligation		266			150
Total liabilities		4,964			3,388
Commitments and contingencies (Note 8)
Stockholders' equity:
Series A Convertible Preferred Stock, $0.01 par value, 7,000,000 shares authorized; 200,000 issued and outstanding at December 31, 2025 and December 31, 2024		2			2
Common stock, $0.01 par value; 300,000,000 and 280,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 159,444,017 and 2,768,646 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively		1,594			27
Additional paid-in capital		280,509			143,407
Accumulated deficit		(152,725	)		(135,944	)
Total stockholders' equity		129,380			7,492
Total liabilities and stockholders' equity	$	134,344		$	10,880


	Year Ended December 31, 2025
	Preferred Stock				Common Stock				Additional Paid-in Capital		Accumulated Deficit			Total Stockholders' Equity
	Shares		Amount		Shares		Amount
Balance, December 31, 2024		200,000	$	2		2,768,646	$	27	$	143,407	$	(135,944	)	$	7,492
Net loss		—		—		—		—		—		(16,781	)		(16,781	)
Stock-based compensation expense and related charges		—		—		—		—		3,955		—			3,955
Issuance of common stock to vendors		—		—		5,000		—		—		—			—
Issuance of common stock in connection with exercise of warrants		—		—		39,084,371		391		3,336		—			3,727
Issuance of common stock under Employee Stock Purchase Plan		—		—		26,531		1		18		—			19
Issuance of common stock in connection with July 2025 Warrant Inducement, net of issuance costs of $9,330 (Note 5)		—		—		4,318,905		43		3,370		—			3,413
Issuance of common stock and warrants in October 2025 Offering, net of issuance costs of $21,315 (Note 5)		—		—		113,240,564		1,132		126,423		—			127,555
Balance, December 31, 2025		200,000	$	2		159,444,017	$	1,594	$	280,509	$	(152,725	)	$	129,380


	Year Ended December 31, 2024
	Preferred Stock				Common Stock					Additional Paid-in Capital*			Accumulated Deficit			Total Stockholders' Equity
	Shares		Amount		Shares*			Amount*
Balance, December 31, 2023		200,000	$	2		618,056		$	6	$	132,811		$	(121,506	)	$	11,313
Net loss		—		—		—			—		—			(14,438	)		(14,438	)
Stock-based compensation expense and related charges		—		—		—			—		652			—			652
Issuance of common stock to vendors		—		—		32,632			—		135			—			135
Issuance of common stock for vesting of restricted stock units, net of employee withholding tax liability		—		—		18,046			—		(25	)		—			(25	)
Issuance of common stock in connection with exercise of warrants		—		—		1,626,496			16		(13	)		—			3
Issuance of common stock under Employee Stock Purchase Plan		—		—		2,256			—		11			—			11
Issuance of common stock in connection with February 2024 Warrant Inducement, net of issuance costs of $2,412 (Note 5)		—		—		228,162			2		2,158			—			2,160
Issuance of common stock and warrants in May 2024 Offering, net of issuance costs of $705 (Note 5)		—		—		85,100			1		3,543			—			3,544
Issuance of common stock and warrants in December 2024 Offering, net of issuance costs of $1,403 (Note 5)		—		—		158,000			2		4,135			—			4,137
Reverse stock split fractional share settlement		—		—		(102	)		—		—			—			—
Balance, December 31, 2024		200,000	$	2		2,768,646		$	27	$	143,407		$	(135,944	)	$	7,492


December 31, 2025	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
Money Market Funds	Cash and cash equivalents	$	132,399	$	—	$	—	$	132,399
Total		$	132,399	$	—	$	—	$	132,399
Liabilities:
Share Liability	Share Liability	$	313	$	—	$	—	$	313
Derivative Liability	Derivative Liability		62		—		—		62
Contingent Consideration Obligation	Contingent Consideration Obligation		—		—		266		266
Total		$	375	$	—	$	266	$	641


December 31, 2024	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
Money Market Funds	Cash and cash equivalents	$	9,763	$	—	$	—	$	9,763
Total		$	9,763	$	—	$	—	$	9,763
Liabilities:
Warrant Liability	Warrant Liability	$	—	$	—	$	2	$	2
Contingent Consideration Obligation	Contingent Consideration Obligation		—		—		150		150
Total		$	—	$	—	$	152	$	152


Common Stock Warrants	Classification	Number of Warrants Outstanding and Exercisable		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
October 2025 Offering Pre-Funded Common Stock Warrants	Equity-Classified		50,080,853	$	0.0001	Perpetual		(1)
July 2025 Warrant Inducement Replacement Common Stock Warrants	Equity-classified		8,637,810		0.9047		4.92
February 2024 Warrant Inducement Replacement Common Stock Warrants	Equity-classified		113,804		10.97		3.09
Series 2 Common Stock Warrants	Equity-classified		6,748		0.70		1.61
Bridge and January 2022 Common Stock Warrants	Liability-classified		2,612		2,804.69		0.62
Placement Agent, Solicitor and Representative Common Stock Warrants	Equity-classified		5,188,545		1.69		4.68
All Other Common Stock Warrants	Equity-classified		776		11,614.97		1.45
Total Warrants Outstanding and Exercisable, December 31, 2025			64,031,148		0.53		4.81	(1)


	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Warrants outstanding, December 31, 2024		6,745,213		$	4.53		5.16	(1)
Granted		100,690,151			0.17
Exercised		(43,403,541	)		0.23
Forfeited, expired or cancelled		(675	)		5,863.33
Warrants outstanding, December 31, 2025		64,031,148			0.53		4.81	(1)


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		50,674		$	166.48
Granted		116,600			1.12
Exercised		—			—
Forfeited, expired or cancelled		(14	)		3,093.75
Outstanding at December 31, 2025		167,260			50.73		8.73	$	143
Vested and expected to vest at December 31, 2025		167,260			50.73		8.73		143
Exercisable at December 31, 2025		69,683			118.23		8.28		34


	Year Ended December 31,
	2025			2024
Weighted-average exercise price per share	$	1.12		$	4.54
Weighted-average expected term (years)		5.81			5.65
Weighted-average risk-free interest rate		4.38	%		4.03	%
Weighted-average expected dividend yield		—			—
Weighted-average volatility		127.11	%		111.74	%


	Year Ended December 31,
	2025						2024
	Amount			Percent			Amount			Percent
Statutory federal income tax rate of 21 percent applied to loss before income taxes	$	(3,524	)		21.0	%	$	(3,032	)		21.0	%
Nontaxable or nondeductible items:
Stock-based compensation		45			(0.3	)%		371			(2.6	)%
Executive compensation		429			(2.6	)%		12			(0.1	)%
Other permanent differences		32			(0.2	)%		1			(0.0	)%
Expiration of tax attributes		583			(3.5	)%		184			(1.3	)%
Adjustment to deferred tax balances		4,397			(26.2	)%		—			0.0	%
Other		50			(0.3	)%		(49	)		0.3	%
Valuation allowance		(2,012	)		12.0	%		2,513			(17.4	)%
	$	—			0	%	$	—			0	%


	PALISADE BIO, INC.

Date: March 20, 2026	By:	/s/ J.D. Finley
		J.D. Finley
		Chief Executive Officer, Chief Financial Officer and Director


Name	Title	Date

/s/ J.D. Finley	Chief Executive Officer, Chief Financial Officer and Director	March 20, 2026
J.D. Finley	(Principal Executive and Financial Officer)

/s/ Mitchell Jones, M.D., Ph.D.	President and Chief Medical Officer	March 20, 2026
Mitchell Jones, M.D., Ph.D.

/s/ Donald A. Williams	Chairman of the Board of Directors	March 20, 2026
Donald A. Williams

/s/ Emil Chuang	Director	March 20, 2026
Emil Chuang

/s/ Binxian Wei	Director	March 20, 2026
Binxian Wei


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value Per Share		Weighted Average Remaining Contractual Life (Years)
Non-vested at December 31, 2024		—		$	—
Granted		24,851,600			1.90
Vested		(5,000	)		1.72
Forfeited		—			—
Non-vested at December 31, 2025		24,846,600			1.90		2.78


Exhibit Number		Description of Document
2.1†		Agreement and Plan of Merger, dated as of December 16, 2020, by and among Seneca Biopharma, Inc., Leading BioSciences, Inc. and Townsgate Acquisition Sub 1, Inc. (Incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on December 21, 2020).
3.1		Amended and Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 27, 2021).
3.2		Certificate of Designation of Preferences, Rights and Limitations of Series A 4.5% Convertible Preferred Stock (Incorporated by reference to Exhibit 3.01 to the Registrant’s Current Report on Form 8-K, filed with the SEC on December 12, 2016).
3.3		Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on March 6, 2024).
3.4		Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock (Incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed with the SEC on August 16, 2022).
3.5		Amendment to Amended and Restated Certificate of Incorporation of Palisade Bio, Inc., effective November 15, 2022 (Incorporated by reference to Exhibit 3.01(i) to the Registrant’s Current Report on Form 8-K, filed with the SEC on November 16, 2022).
3.6		Amendment to the Amended and Restated Certificate of Incorporation of Palisade Bio, Inc. effective April 5, 2024 (Incorporated by reference to Exhibit 3.01(i) to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 5, 2024).
3.7		Amendment to the Amended and Restated Certificate of Incorporation of Palisade Bio, Inc. effective December 3, 2025 (Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 4, 2025).
4.1		Reference is made to Exhibits 3.1, 3.2 and 3.3.
4.2		Description of Securities (incorporated by reference to Exhibit 4.2 to the Registrant’s Form 10-K, filed with the SEC on March 17, 2022).
4.3		Specimen Common Stock Certificate. (Incorporated by reference to Exhibit 4.3 to the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 17, 2022).
4.4		Form of Series A Preferred Stock Certificate (Incorporated by reference to Exhibit 4.01 to the Registrant’s Current Report on Form 8-K, filed with the SEC on September 12, 2016).
4.5		Letter Agreement from January 2020 Offering (Incorporated by reference to Exhibit 10.01 to the Registrant's Current Report on Form 8-K, originally filed with the SEC on January 22, 2020)
4.6		Form of Series O Pre-Funded Warrant from July 2019 Offering (Incorporated by reference to Exhibit 4.45 to the Registrant's Registration Statement on Form S-1/A (File No. 333-232273), filed with the SEC on July 24, 2019)
4.7		Form of Warrant to Purchase Shares of Common Stock of Leading BioSciences, Inc. (Incorporated by reference to Exhibit 4.30 to the Registrant’s Registration Statement on Form S-4 (File No. 333-251659), originally filed with the SEC on December 23, 2020, as amended).
4.8		Form of Bridge Warrant of Leading BioSciences, Inc. (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on December 21, 2020).
4.9		Form of Equity Warrant of Leading BioSciences, Inc. (Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on December 21, 2020).
4.10†		Registration Rights Agreement, by and between Seneca Biopharma, Inc. and the investor party thereto, dated December 16, 2020 (Incorporated by reference to Exhibit 4.3 to the Registrant’s Current Report on Form 8-K, filed with the SEC on December 21, 2020).


4.11		Waiver Agreement, dated as of July 21, 2021, by and between Palisade Bio, Inc. and Altium Growth Fund, LP (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on July 22, 2021).
4.12		Warrant, dated as of July 21, 2021, issued to Altium Growth Fund, LP (Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on July 22, 2021).
4.13		Securities Purchase Agreement, dated as of August 19, 2021, by and between Palisade Bio, Inc. and Yuma Regional Medical Center (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on August 24, 2021).
4.14		Warrant, dated as of August 19, 2021, issued to Yuma Regional Medical Center (Incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K, filed with the SEC on August 24, 2021).
4.15		Form of Common Stock Purchase Warrant (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on May 6, 2022).
4.16		Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on May 6, 2022).
4.17		Form of Series 2 Common Stock Warrant (Incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K, filed with the SEC on August 16, 2022).
4.18		Warrant Agency Agreement dated August 16, 2022, by and between Palisade Bio, Inc. and American Stock Transfer and Trust Company, LLC. (Incorporated by reference to Exhibit 4.3 to the Registrant's Current Report on Form 8-K, filed with the SEC on August 16, 2022).
4.19		Form of Underwriter Warrant issued August 16, 2022 (Incorporated by reference to Exhibit 4.33 to the Registrant's Quarterly Report on Form 10-Q, filed with the SEC on November 14, 2022).
4.20		Form of Warrant issued in January 2023 Private Placement (Incorporated by reference to Exhibit 4.03 to the Registrant’s Current Report on Form 8-K, filed with the SEC on January 4, 2023).
4.21		Form of Placement Agent Warrant issued in January 2023 Private Placement (Incorporated by reference to Exhibit 4.04 to the Registrant’s Current Report on Form 8-K, filed with the SEC on January 4, 2023).
4.22		Form of Warrant issued in April 2023 Private Placement (Incorporated by Reference to Exhibit 4.02 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 5, 2023).
4.23		Form of Placement Agent Warrant issued in April 2023 Private Placement (Incorporated by reference to Exhibit 4.03 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 5, 2023).
4.24		Form of Placement Agent Warrant issued in September 2023 Private Placement (Incorporated by reference to Exhibit 4.01 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 11, 2023).
4.25		Form of Replacement Warrant issued in February 2024 Warrant Inducement Transaction (Incorporated by reference to Exhibit 4.01 to the Registrant’s Current Report on Form 8-K filed with the SEC on February 1, 2024).
4.26		Form of Placement Agent Warrant issued in February 2024 Warrant Inducement Transaction (Incorporated by reference to Exhibit 4.02 to the Registrant’s Current Report on Form 8-K filed with the SEC on February 1, 2024).
4.27		Form of Common Stock Warrant issued in May 2024 Private Placement (Incorporated by reference to Exhibit 4.02 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 3, 2024).
4.28		Form of Placement Agent Warrant issued in May 2024 Private Placement (Incorporated by reference to Exhibit 4.03 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 3, 2024).
4.29		Form of Five-Year Common Stock Purchase Warrant issued in December 2024 Underwritten Public Offering (Incorporated by reference to Exhibit 1.01 to the Registrant's Current Report on Form 8-K filed with the SEC on December 16, 2024).
4.30		Form of July 2025 New Warrant (Incorporated by reference to Exhibit 4.01 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 25, 2025).


4.31		Form of July 2025 Placement Agent Warrant (Incorporated by reference to Exhibit 4.02 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 25, 2025).
4.32		Form of July 2025 Warrant Inducement Agreement (Incorporated by reference to Exhibit 10.01 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 25, 2025).
4.33		Form of Pre-Funded Warrant (Incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-1 (File No. 333-290568), filed with the SEC on September 29, 2025).
4.34		Form of Representative Warrant (Incorporated by reference to Exhibit 4.2 to the Registrant’s Registration Statement on Form S-1 (File No. 333-290568), filed with the SEC on September 29, 2025).
4.35		Form of Warrant Agency Agreement (Incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-1 (File No. 333-290568), filed with the SEC on September 29, 2025).
10.1#		License Agreement, by and between Leading BioSciences, Inc. and The Regents of the University of California, dated August 19, 2015, as amended on December 20, 2019 (Incorporated by reference to Exhibit 10.18 to the Registrant’s Registration Statement on Form S-4 (File No. 333-251659), originally filed with the SEC on December 23, 2020, as amended).
10.2#		License Agreement, by and between Leading BioSciences, Inc. and The Regents of the University of California, dated April 1, 2020 (Incorporated by reference to Exhibit 10.19 to the Registrant’s Registration Statement on Form S-4 (File No. 333-251659), originally filed with the SEC on December 23, 2020, as amended).
10.3#		License Agreement, by and between Palisade Bio, Inc. and The Regents of the University of California, dated July 30, 2021 (incorporated by reference to Exhibit 10.5 to the Registrant’s Form 10-K, filed with the SEC on March 17, 2022).
10.4#		Co-Development and Distribution Agreement, by and between Leading BioSciences, Inc. and Newsoara Biopharma Co., Ltd. (as successor-in-interest to Biolead Medical Technology Limited), dated February 17, 2018, as amended on November 27, 2018 (Incorporated by reference to Exhibit 10.20 to the Registrant’s Registration Statement on Form S-4 (File No. 333-251659), originally filed with the SEC on December 23, 2020, as amended).
10.5†		Securities Purchase Agreement, by and between Leading BioSciences, Inc. and the investor party thereto, dated December 16, 2020 (Incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K, filed with the SEC on December 21, 2020).
10.6†		Securities Purchase Agreement, by and among Seneca Biopharma, Inc., Leading BioSciences, Inc. and the investor party thereto, dated December 16, 2020 (Incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K, filed with the SEC on December 21, 2020).
10.7		Amendment Agreement to Securities Purchase Agreement by and among, the Company, Leading BioSciences, Inc. and Altium Growth Fund, LP, dated May 3, 2021 (Incorporated by reference to Exhibit 10.03 to the Registrant’s Quarterly Report on Form 10-Q, filed with the SEC on May 14, 2021).
10.8+		Leading BioSciences, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan and Forms of Stock Option Grant Notice, Stock Option Agreement and Notice of Exercise of Stock Option thereunder (Incorporated by reference to Exhibit 10.24 to the Registrant’s Registration Statement on Form S-4 (File No. 333-251659), originally filed with the SEC on December 23, 2020, as amended).
10.9+		Palisade Bio, Inc. 2021 Equity Incentive Plan, as amended (Incorporated by reference to Exhibit 10.01 to the Registrant’s Current Report on Form 8-K, filed with the SEC on June 9, 2023).
10.10+		Form of Stock Option Grant Notice, Stock Option Agreement and Notice of Exercise under the Palisade Bio, Inc. 2021 Equity Incentive Plan (Incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K, filed with the SEC on November 23, 2021).
10.11+		Form of Non-Employee Director Stock Option Grant Notice, Stock Option Agreement and Notice of Exercise under the Palisade Bio, Inc. 2021 Equity Incentive Plan (Incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K, filed with the SEC on November 23, 2021).


10.12+		Form of Restricted Stock Unit Grant Notice and Award Agreement under the Palisade Bio, Inc. 2021 Equity Incentive Plan (Incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2025).
10.13+		Form of Restricted Stock Unit Grant Notice and Award Agreement under the Palisade Bio, Inc. 2021 Equity Incentive Plan (Optional Cash Settlement) (Incorporated by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2025).
10.14+		Palisade Bio, Inc. Employee Stock Purchase Plan (Incorporated by reference to Exhibit 10.02 to the Registrant’s Current Report on Form 8-K, filed with the SEC on June 9, 2023).
10.15+		Palisade Bio, Inc. 2021 Inducement Incentive Plan, as Amended August 7, 2023 (Incorporated by reference to Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q, filed with the SEC on August 10, 2023).
10.16+		Form of Restricted Stock Unit Grant Notice and Award Agreement under the Palisade Bio, Inc. 2021 Inducement Incentive Plan (Incorporated by reference to Exhibit 99.1 to the Registrant’s Registration Statement on Form S-8 (File No. 333-261196), filed with the SEC on November 19, 2021).
10.17+		Form of Stock Option Grant Notice and Award Agreement under the Palisade Bio, Inc. 2021 Inducement Incentive Plan (Incorporated by reference to Exhibit 99.2 to the Registrant’s Registration Statement on Form S-8 (File No. 333-261196), filed with the SEC on November 19, 2021).
10.18+		Non-Employee Director Compensation Policy (Incorporated by reference to Exhibit 10.35 to the Registrant’s Annual Report on Form 10-K filed with the SEC on March 22, 2023).
10.19†		Asset Transfer Agreement, by and between Alto Neuroscience, Inc. and Palisade Bio, Inc., dated October 18, 2021 (incorporated by reference to Exhibit 10.27 to the Registrant’s Form 10-K, filed with the SEC on March 17, 2022).
10.20		Form of Securities Purchase Agreement, dated May 6, 2022, by and among the Company and the purchasers named therein (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K, filed with the SEC on May 6, 2022).
10.21		Form of Securities Purchase Agreement dated December 30, 2022, by and among the Company and the purchasers named therein (Incorporated by Reference to Exhibit 10.01 to the Registrant’s Current report on Form 8-K, filed with the SEC on January 4, 2023).
10.22		Form of Registration Rights Agreement by and among the Company and signatories named therein (Incorporated by reference to Exhibit 10.02 to the Registrant’s Current Report on Form 8-K, filed with the SEC on January 4, 2023).
10.23		Form of Placement Agency Agreement, dated December 30, 2022, by and between the Company and Ladenburg Thalmann & Co Inc. (Incorporated by reference to Exhibit 10.03 to the Registrant’s Current Report on Form 8-K, filed with the SEC on January 4, 2023).
10.24		Form of Securities Purchase Agreement dated April 3, 2023, by and among the Company and the purchasers named therein (Incorporated by Reference to Exhibit 10.01 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 5, 2023).
10.25		Form of Registration Rights Agreement dated by and among the Company and the signatories named therein (Incorporated by Reference to Exhibit 10.02 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 5, 2023).
10.26		Form of Placement Agency Agreement by and among the Company and Ladenburg Thalmann & Co Inc. (Incorporated by Reference to Exhibit 10.01 to the Registrant’s Current Report on Form 8-K, filed with the SEC on April 5, 2023).
10.27#		Form of Research, Collaboration, and License Agreement with Giiant Pharma (Incorporated by reference to Exhibit 10.01 to the Registrant’s Current Report on Form 8-K, filed with the SEC on September 8, 2023.
10.28		Form of Securities Purchase Agreement dated September 7, 2023, by and among the Company and the signatories named therein (Incorporated by Reference to Exhibit 10.01 to the Registrant’s Current report on Form 8-K, filed with the SEC on September 11, 2023).


10.29		Form of Placement Agency Agreement dated September 7, 2023, by and among the Company and Ladenburg Thalmann & Co Inc. (Incorporated by reference to Exhibit 10.02 to the Registrant’s Current Report on Form 8-K, filed with the SEC on September 11, 2023).
10.30		Form of Warrant Inducement Agreement entered into pursuant to February 2024 Warrant Inducement Transaction (Incorporated by reference to Exhibit 10.01 to the Registrant’s Current Report on Form 8-K, filed with the SEC on February 1, 2024).
10.31		Form of Securities Purchase Agreement entered into pursuant to the May 2024 Private Placement (Incorporated by reference to Exhibit 10.01 to the Registrant’s Current Report on Form 8-K, filed with the SEC on May 3, 2024).
10.32		Form of Registration Right Agreement entered into Pursuant to the May 2024 Private Placement (Incorporated by reference to Exhibit 10.02 to the Registrant’s Current Report on Form 8-K, filed with the SEC on May 3, 2024).
10.34		Form of Placement Agency Agreement entered into Pursuant to the May 2024 Private Placement (Incorporated by reference to Exhibit 10.03 to the Registrant’s Current Report on Form 8-K, filed with the SEC on May 3, 2024.
10.34#		Amendment to Research Collaboration and License Agreement with Giiant Pharma, Inc. dated August 2, 2024 (Incorporated by reference to Exhibit 10.48 to the Registrant's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2024).
10.35		Form of Warrant Amendment Agreement entered into Pursuant to the December 2024 Underwritten Public Offering (Incorporated by reference to Exhibit 1.01 to the Registrant's Current Report on Form 8-K filed with the SEC on December 16, 2024).
10.36+		Amended and Restated Employment Agreement with J.D. Finley, dated September 4, 2025 (Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2025).
10.37+		Amended and Restated Employment Agreement with Mitchell Jones, dated September 4, 2025 (Incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2025).
19.1		Registrant’s Insider Trading Policy (Incorporated by reference to Exhibit 19.1 to the Registrant’s Registration Statement on Form S-1, filed with the SEC on October 30, 2024).
21.1		Subsidiaries of Registrant (Incorporated by reference to Exhibit 21.1 to the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 22, 2023).
23.1*		Consent of Baker Tilly US, LLP, Independent Registered Public Accounting Firm
31.1*		Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act.
31.2*		Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act.
32.1**		Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rules 13a-14(b) or 15d-14(b) of the Exchange Act, and 18 U.S.C. Section 1350.
97.1		Clawback Policy of the Registrant (Incorporated by reference to Exhibit 97.1 to the Registrant’s Annual Report on Form 10-K, filed with the SEC on March 26, 2024).
101.INS*		Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document.
104*		Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101).